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Target 2035 Series

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Investment Objective

To provide capital growth and manage risk for investors planning to retire (or meet another investment goal) in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a growth-oriented mix of securities that seeks to earn a good portion of the long-term growth of the stock market with less volatility. The portfolio is diversified primarily among various stock investments in both domestic and foreign markets. A substantial portion of the portfolio may be invested in long-term, fixed income securities. Stock exposure can range from 53% - 83%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors:

Who plan to stop contributions and start periodic withdrawals around the year 2035

Who have time to pursue growth and can accept potentially significant fluctuations in current account value

Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

A Word About Risk

Each Manning & Napier Fund, Inc. Target Series is invested in one or two of four proprietary lifestyle funds, the Manning & Napier Fund, Inc. Pro-Blend® Series, based on the Target Series becoming increasingly conservative over time.

Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

Fund Facts

Ticker

MTQIX

CUSIP

56382P369

Inception Date

06/25/2012

Account Minimum

$1 million*

Expense Ratio Before Fee Waiver

1.40%

Expense Ratio After Fee Waiver

0.88%



*May be waived for certain qualified retirement plans.

†

Includes acquired fund fees and expenses of the underlying Series. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/28/2023) without the approval of the Fund's Board of Directors.

Annualized Performance
1(as of 11/30/2016)

Year-to-Date (01/01/2016 - 11/30/2016)

4.17%

One Year (12/01/2015 - 11/30/2016)

1.70%

Three Year (12/01/2013 - 11/30/2016)

2.26%

Inception (06/25/2012 - 11/30/2016)

8.70%

Top Ten Investments
2(as of 11/30/2016)

GOVERNMENT AGENCY

4.25%

TREASURY NOTES

3.63%

FACEBOOK INC -A

2.41%

MONSANTO CO

2.23%

AMAZON.COM INC

2.12%

MASTERCARD INC-CLASS A

2.12%

APPLE COMPUTER INC

1.93%

PRICELINE GROUP INC

1.90%

SERVICENOW INC

1.81%

SKYWORKS SOLUTIONS INC

1.76%

1

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

2

Based on the investments of the underlying fund(s): Manning & Napier Fund, Inc. Pro-Blend® Maximum Term Series and Manning & Napier Fund, Inc. Pro-Blend® Extended Term Series. Investments will change over time and as the target date fund gradually becomes more conservative. Top Ten Investments list is unaudited and excludes cash.

View data:

MonthlyQuarterly

Annualized Performance
1(as of 11/30/2016)

Year-to-Date (01/01/2016 - 11/30/2016)

4.17%

One Year (12/01/2015 - 11/30/2016)

1.70%

Three Year (12/01/2013 - 11/30/2016)

2.26%

Inception (06/25/2012 - 11/30/2016)

8.70%

Daily Price (NAV)
(as of 12/07/2016)

Price / Share

$11.21

Change ($)

0.07

Change (%)

0.62

Expense Ratio

Before Fee Waiver

1.40%

After Fee Waiver

0.88%



†

Includes acquired fund fees and expenses of the underlying Series. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/28/2023) without the approval of the Fund's Board of Directors.

1

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Fund Holdings

Fund holdings list does not include securities with positions less than 0.005 shares.

Asset Allocation (as of 11/30/2016)

Stocks

74.56%

Bonds

24.70%

Cash

0.74%

Detailed Asset Class Allocation (as of 11/30/2016)

International Equities

21.58%

Small Capitalization

1.26%

Mid Capitalization

8.66%

Large Capitalization

43.07%

Long Term Fixed Income

3.99%

Intermediate Term Fixed Income

17.99%

Short Term Fixed Income

2.71%

Cash

0.74%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

Based on the investments of the underlying fund(s): Manning & Napier Fund, Inc. Pro-Blend® Maximum Term Series and Manning & Napier Fund, Inc. Pro-Blend® Extended Term Series. Investments will change over time and as the target date fund gradually becomes more conservative. Top Ten Investments list is unaudited and excludes cash.

Itx.MN.Funds.ImportantDocs

Important Documents

Each Target Series seeks to achieve its investment objectives by investing in a combination of other Manning & Napier mutual funds (the "underlying series") in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Blend® Series should be read in conjunction with the Series' financial statements.